Michigan vehicle buyers will get a tax break - FOX 35 News Orlando

Michigan vehicle buyers will get a tax break

Posted: Updated:
LANSING, Mich. (AP) -

Michigan residents who trade in their vehicle for a new one will get a tax break under a deal struck between lawmakers and Gov. Rick Snyder.

The Senate on Tuesday voted unanimously to phase out a requirement that buyers pay sales tax on the full price of a car or RV without subtracting the value of their trade-in. The House is expected to vote later in the day.

Starting in December, buyers would no longer pay the 6 percent sales tax on $2,000 or the value of their trade-in, whichever is less. Each year after, the value of the trade-in that would lower the tax bill would rise $500.

Michigan is among just six states to make car buyers pay sales tax on the full price without subtracting their trade-in.

  • Local NewsLocal NewsMore>>

  • General Motors profit declines 85% in 2Q

    General Motors profit declines 85% in 2Q

    Thursday, July 24 2014 7:43 AM EDT2014-07-24 11:43:10 GMT
     General Motors says second-quarter profit fell 85 percent as recall costs chopped $1.5 billion from the bottom line.
     General Motors says second-quarter profit fell 85 percent as recall costs chopped $1.5 billion from the bottom line.
  • Police: Body found in Detroit manhole

    Police: Body found in Detroit manhole

    Thursday, July 24 2014 7:42 AM EDT2014-07-24 11:42:23 GMT
    Police say a body has been found in a manhole on Detroit's west side.
    Police say a body has been found in a manhole on Detroit's west side.
  • Board to consider minimum wage, wolf ballot issues

    Board to consider minimum wage, wolf ballot issues

    Thursday, July 24 2014 7:16 AM EDT2014-07-24 11:16:35 GMT
    Michigan's elections board will consider whether supporters of a minimum wage increase and wolf hunting collected enough voter signatures for proposals to advance to legislators and possibly a statewide vote.
    Michigan's elections board will consider whether supporters of a minimum wage increase and wolf hunting collected enough voter signatures for proposals to advance to legislators and possibly a statewide vote.
  • Download the FOX 2 Apps


  • FOX 2 News Five-Day Forecast
Powered by WorldNow

35 Skyline Drive
Lake Mary, FL 32746

Phone: (407) 644-3535
News Tips: (866) 55-FOX35

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices